Income Support for seniors is increasing by $6.7 billion – from $50.1 billion in 2019-20 to $56.8 billion in 2022-23.
Since the Liberal and Nationals Government was elected in 2013, pensions have increased by $159.10 per fortnight for singles and $239.80 per fortnight for couples.
To support pensioners during the pandemic, $750 payments were provided in April and July 2020 and further $250 payments were provided in December 2020 and March 2021.
Older Australians have also been supported by a reduction in deeming rates (which are used to help calculate income from assets and eligibility for pensions).
BETTER HEALTH CARE
Federal funding for public hospitals will more than double compared to Labor – $13.3 billion in 2012-13 to $29.9 billion in 2024-25.
This means record numbers of hospital services, doctors and nurses.
More Australians are now seeing their doctor without having to pay.
The GP bulk billing rate last year (12 months to June 2021) was 88.8%, up from 82.2% in 2012-13 (Labor’s last year in government).
More than 171.5 million free GP services were delivered in 2020-21 – 67.5 million more than in Labor’s last year.
Since we came into government, over 2,700 medicine listings worth $13.5 billion have been added to the Pharmaceutical Benefits Scheme.
These help people suffering from cancer, heart disease, epilepsy, spinal muscular atrophy, multiple sclerosis, cystic fibrosis, severe asthma, severe osteoporosis and chronic migraines.
We have taken steps to make private health insurance more affordable. This includes requiring insurers to categorise products as gold, silver, bronze or basic, and use standard definitions to make clear what’s covered and what isn’t.
MORE SUPPORT FOR AGED CARE
The Government’s investment in aged care has almost doubled – from $13.3 billion in 2012-13, to $26 billion in 2021-22. It will increase to $32.8 billion in 2024-25.
The Liberal and Nationals Government has provided more than $1 billion of direct assistance to support senior Australians in aged care during the coronavirus pandemic.
This includes increasing the number of home care packages, from 60,308 under Labor in 2011-12 to 195,000 now and 275,000 forecast by June 2023.
In addition to 80,000 additional aged care packages, the recent Budget also provides funding to:
- Increase the time nurses and carers are required to spend with residents.
- Making an additional payment of $10 per day per resident to boost the viability of the aged care sector.
- 33,000 new training places for personal carers and a new indigenous workforce.
- Retention bonuses for nurses.
- Increased access to respite services.
BETTER PERFORMING SUPER
Every year Australians pay more than $30 billion in superannuation fees and charges.
This is more than what Australians pay in their annual household, electricity and gas bills.
The Liberal and Nationals Government’s legislated super reforms will save Australians $17.9 billion over 10 years through:
- Preventing unintended multiple accounts when workers change jobs.
- a YourSuper comparison tool.
- Holding funds to account for underperformance.
- Increasing transparency and accountability.
The Restart Wage Subsidy for Australians over 50 provides up to $10,000 to employers to support workers to continue their career.
The Government has increased the Pension Work Bonus from $250 to $300 per fortnight and extended the Bonus to self-employed people.
We have also expanded the Pension Loans Scheme to all Australians of pension age, giving them the option to boost their income by drawing down on equity in their own home.
HELPING HOMEOWNERS WHO WANT TO DOWNSIZE
We are encouraging older Australians (over 60) who want to downsize, by enabling them to make a non-concessional contribution of up to $300,000 into their superannuation fund from the proceeds of the sale of their principal home.
MORE AFFORDABLE ELECTRICITY
While electricity prices doubled under Labor, we have begun to turn the corner on power prices.
ABS data shows that national electricity prices have dropped around 13.2% since December 2018 (to March 2021).
Labor’s Retiree Tax would have hurt retirees and low income earners, by abolishing tax refunds for share dividends.
This would have hiked taxes on 900,000 individuals, 200,000 self-managed super funds and 2,000 super funds. This would have led to more people relying on the Age Pension.
Most people that would have been affected were not wealthy. In fact, 84% of people who would have been impacted are on taxable incomes below $37,000.
The Liberal and Nationals Government can be trusted to keep tax refunds for franking credits.
Information current as at September 2021